HIRCOS: what changed
Two fiscal years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
HIRCOS
Largest movements
- Tangible fixed assets -€138,642
down €138,642 (-12.7%), from €1.1m to €953,515
of which Land and buildings: -€103,869
- Stocks and contracts +€64,352
up €64,352 (+7.0%), from €923,222 to €987,574
- Receivables within one year +€46,798
up €46,798 (+166.5%), from €28,104 to €74,902
of which Trade receivables: +€46,681
- Cash +€35,699
up €35,699 (+408.0%), from €8,750 to €44,449
mainly Depreciation (+€177,510) and Net result for the year (+€143,058)
- Deferred charges and accrued income +€29,704
up €29,704 (+282.9%), from €10,499 to €40,202
- Reserves +€141,392
up €141,392 (+33.3%), from €424,571 to €565,963
of which Distributable reserves: +€151,122
- Debts after one year -€130,238
down €130,238 (-13.6%), from €956,831 to €826,593
of which Financial debts: -€136,529
- Trade debts -€36,042
down €36,042 (-21.9%), from €164,945 to €128,904
- Short-term financial debts +€35,000
up €35,000 (+28.0%), from €125,000 to €160,000
- Tax, wage and social debts +€34,522
up €34,522 (+219.6%), from €15,720 to €50,242
of which Taxes: +€31,059
- Gross operating margin +€208,885
up €208,885 (+72.2%), from €289,200 to €498,085
- Taxes +€64,212
up €64,212 (+1628.3%), from €3,944 to €68,155
- Depreciation -€12,179
down €12,179 (-6.4%), from €189,689 to €177,510
- Financial charges +€5,860
up €5,860 (+13.6%), from €42,966 to €48,826
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,066,905 | €2,103,044 | +€36,139 | +1.7% |
| Fixed assets | 21/28 | €1,096,330 | €955,916 | -€140,413 | -12.8% |
| Intangible fixed assets | 21 | €1,832 | €0 | -€1,832 | -100.0% |
| Tangible fixed assets | 22/27 | €1,092,157 | €953,515 | -€138,642 | -12.7% |
| Land and buildings | 22 | €840,962 | €737,092 | -€103,869 | -12.4% |
| Plant, machinery and equipment | 23 | €126,347 | €136,593 | +€10,246 | +8.1% |
| Furniture and vehicles | 24 | €124,849 | €79,830 | -€45,019 | -36.1% |
| Financial fixed assets | 28 | €2,340 | €2,402 | +€62 | +2.6% |
| Current assets | 29/58 | €970,575 | €1,147,127 | +€176,552 | +18.2% |
| Stocks and contracts in progress | 3 | €923,222 | €987,574 | +€64,352 | +7.0% |
| Stocks | 30/36 | €923,222 | €987,574 | +€64,352 | +7.0% |
| Amounts receivable within one year | 40/41 | €28,104 | €74,902 | +€46,798 | +166.5% |
| Trade receivables | 40 | €28,104 | €74,785 | +€46,681 | +166.1% |
| Other amounts receivable | 41 | - | €117 | +€117 | |
| Cash at bank and in hand | 54/58 | €8,750 | €44,449 | +€35,699 | +408.0% |
| Deferred charges and accrued income | 490/1 | €10,499 | €40,202 | +€29,704 | +282.9% |
| Total equity and liabilities | 10/49 | €2,066,905 | €2,103,044 | +€36,139 | +1.7% |
| Equity | 10/15 | €618,647 | €755,201 | +€136,554 | +22.1% |
| Contributions | 10/11 | €170,000 | €170,000 | = | 0.0% |
| Reserves | 13 | €424,571 | €565,963 | +€141,392 | +33.3% |
| Tax-exempt reserves | 132 | €51,874 | €42,144 | -€9,731 | -18.8% |
| Distributable reserves | 133 | €372,697 | €523,819 | +€151,122 | +40.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Investment grants | 15 | €24,076 | €19,238 | -€4,838 | -20.1% |
| Provisions and deferred taxes | 16 | €12,969 | €10,536 | -€2,433 | -18.8% |
| Deferred taxes | 168 | €12,969 | €10,536 | -€2,433 | -18.8% |
| Amounts payable | 17/49 | €1,435,289 | €1,337,307 | -€97,982 | -6.8% |
| Amounts payable after more than one year | 17 | €956,831 | €826,593 | -€130,238 | -13.6% |
| Financial debts | 170/4 | €872,116 | €735,587 | -€136,529 | -15.7% |
| Other amounts payable | 178/9 | €84,715 | €91,006 | +€6,291 | +7.4% |
| Amounts payable within one year | 42/48 | €468,260 | €498,708 | +€30,448 | +6.5% |
| Current portion of amounts payable after more than one year | 42 | €160,929 | €157,896 | -€3,033 | -1.9% |
| Financial debts | 43 | €125,000 | €160,000 | +€35,000 | +28.0% |
| Credit institutions | 430/8 | €125,000 | €160,000 | +€35,000 | +28.0% |
| Trade debts | 44 | €164,945 | €128,904 | -€36,042 | -21.9% |
| Suppliers | 440/4 | €164,945 | €128,904 | -€36,042 | -21.9% |
| Taxes, remuneration and social security | 45 | €15,720 | €50,242 | +€34,522 | +219.6% |
| Taxes | 450/3 | €10,374 | €41,433 | +€31,059 | +299.4% |
| Remuneration and social security | 454/9 | €5,346 | €8,809 | +€3,463 | +64.8% |
| Other amounts payable | 47/48 | €1,666 | €1,666 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €10,198 | €12,007 | +€1,808 | +17.7% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €54,353 | €58,224 | +€3,871 | +7.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €189,689 | €177,510 | -€12,179 | -6.4% |
| Other operating charges | 640/8 | €8,229 | €9,601 | +€1,372 | +16.7% |
| Gross operating margin | 9900 | €289,200 | €498,085 | +€208,885 | +72.2% |
| Operating profit (loss) | 9901 | €36,930 | €252,751 | +€215,822 | +584.4% |
| Financial income | 75/76B | €4,928 | €4,855 | -€73 | -1.5% |
| Recurring financial income | 75 | €4,928 | €4,855 | -€73 | -1.5% |
| Financial charges | 65/66B | €42,966 | €48,826 | +€5,860 | +13.6% |
| Recurring financial charges | 65 | €42,966 | €48,826 | +€5,860 | +13.6% |
| Profit (loss) for the period before taxes | 9903 | -€1,108 | €208,780 | +€209,888 | |
| Transfer from deferred taxes | 780 | €2,433 | €2,433 | = | 0.0% |
| Transfer to deferred taxes | 680 | €0 | - | = | |
| Income taxes | 67/77 | €3,944 | €68,155 | +€64,212 | +1628.3% |
| Profit (loss) for the period | 9904 | -€2,619 | €143,058 | +€145,677 | |
| Transfer from tax-exempt reserves | 789 | €9,731 | €9,731 | = | 0.0% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €7,112 | €152,788 | +€145,677 | +2048.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.